Uber-SoftBank deal “very likely” to be finalized in the next week

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The Uber-SoftBank deal is almost done, said Arianna Huffington on stage at WSJ D.Live in Laguna Beach on Monday. When pressed whether SoftBank’s multi-billion dollar investment in Uber could be finalized within the week, the Uber board member replied that it’s “very likely.”

She confirmed media reports that the proposed deal would involve both a direct investment in the company at the last private valuation and also a secondary transaction, buying out existing shareholders at a yet-to-be-determined discount.

Uber is still “waiting on what’s going to transpire in terms of the price,” said Huffington.

She added that having SoftBank “on your cap table is very important when they’re also investing in so many of our competitors around the world.” Implying that there could be more acquisitions in ridesharing, she said to “expect to see some consolidation.”

Huffington also spoke about the difficult period Uber has faced in the past few months. The company’s work environment had come under fire, leading to the departure of several key executives, including co-founder and CEO Travis Kalanick.

“If your culture is so driven by growth at the expense of other things, there are consequences,” said Huffington. “Culture, we’re now recognizing, is the immune system of a company.”

She voiced optimism about Uber’s new leader, Dara Khosrowshahi. Calling him “unflappable,” she said that there’s a renewed focus on image. His “goal is to get people to love the company and not just the product.”

Huffington also said that Khosrowshahi has a greater focus on cost-cutting, in order to meet the goal of taking Uber public by 2019.

Featured Image: Andrew Burton/Getty Images

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OverviewUber is evolving the way the world moves. By seamlessly connecting riders to drivers through our apps, they make cities more accessible, opening up more possibilities for riders and more business for drivers. From their founding in 2009 to their launches in over 400+ cities today, Uber's rapidly expanding global presence continues to bring people and their cities closer.

OverviewSoftBank is a multinational telecommunications and internet corporation focused on broadband, fixed-line telecommunications, e-commerce, internet, technology services, finance, media and marketing, and other businesses. The company operates through four major segments.
The mobile communications segment provides mobile communications services; produces and distributes online games for smartphones …